Jan 21, 2021 activistcompany

Rubric Capital Management and Velan Capital reached an agreement with Heron Therapeutics (HRTX)

Key Summary: Heron Therapeutics (M.Cap: $320M) reached a Cooperation Agreement with Rubric Capital and Velan Capital (13.7% stake). The company will appoint three new directors, including Craig Collard, Adam Morgan, and Kevin Kotler, while two current directors will step down. It also plans to separate the Chairman and CEO roles post-2023 AGM.

Market Cap: $320 million | Heron Therapeutics, Inc., a biotechnology company, develops treatments to address unmet patient needs.

On February 6, 2023, Rubric Capital Management and Velan Capital (together holding 13.7%) stated that they had engaged, and intended to continue engaging, in communications with the Board and management team regarding opportunities to enhance stockholder value and improve corporate governance, including through potential changes to the composition of the Board. Source

Update

On February 21, 2023, Rubric Capital Management and Velan Capital entered into a Cooperation Agreement with the company. Pursuant to the agreement, the company agreed to appoint Craig Collard, former President & CEO at Veloxis Pharmaceuticals, and Adam Morgan, Chief Investment Officer at Velan, to the Company's Board of Directors. Additionally, as part of Heron's ongoing Board refreshment process, the company will appoint Kevin Kotler, Founder and Portfolio Manager of Broadfin Capital, to the Board. Current directors Stephen Davis and Kimberly Manhard will be stepping down from the Board. Heron also announced that it will separate the roles of Chairman and CEO following the conclusion of its 2023 annual meeting.

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